**Exhibit 21**

 

**KAISERGROUP HOLDINGS, INC.**9300 Lee Highway

Fairfax, VA 22031

(703) 934-3414

 

Kaiser Group Holdings, Inc.’s consolidated subsidiaries arelisted below.  Consolidated subsidiarieswhich are less than wholly owned are indicated by the ownership percentagefigure in parentheses following the name of the consolidated subsidiary.

 
| **Consolidated Subsidiary** | ** **                       | **Jurisdiction  of Formation**  |
|-----------------------------|----------------------------------|--------------------------------------|
| ** **                  | ** **                       | ** **                           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **I.**                      | **KAISER GROUP HOLDINGS,  INC.** | ** **                           | **Delaware** |
| ** **                  | ** **                       | ** **                           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ** **                  | **II**.                          | **K**aiser Group International, Inc. | ** ** | **Delaware** |
| ** **                  | ** **                       | **III.**                             | **Kaiser Analytical  Management Services, Inc.** | ** ** | **Delaware** |
| ** **                  | ** **                       | **III.**                             | **Kaiser Engineers Group,  Inc.** | ** ** | **Delaware** |
|                        |                             |                                 | IV. | Kaiser  Engineers, Inc. |   | Ohio |
|                        |                             |                                 |   | V. | Kaiser Overseas  Engineering, Inc. |   | Delaware |
|                        |                             |                                 |   | V. | Kaiser Engineers  and Constructors, Inc. |   | Nevada |
|                        |                             |                                 |   |   | VI. | Kaiser  Engenharia, S.A. (50%) |   | Portugal |
|                        |                             |                                 |   | V. | Kaiser Engineers  International, Inc. |   | Nevada |
|                        |                             |                                 |   |   | VI. | Kaiser  Engenharia, S.A. (50%) |   | Portugal |
| ** **                  | ** **                       | **III.**                             | **Kaiser Government  Programs, Inc.** | ** ** | **Delaware** |
|                        |                             |                                 | IV. | Kaiser K-H  Holdings, Inc. |   | Delaware |
|                        |                             |                                 |   | V. | Kaiser-Hill  Company, LLC (50%) |   | Colorado |
|                        |                             |                                 |   |   | VI. | Kaiser-Hill  Funding Company, L.L.C. (98%) |   | Delaware |
|                        |                             |                                 |   | V. | Kaiser-Hill  Funding Company, L.L.C. (1%) |   | Delaware |
| ** **                  | ** **                       | **III.**                             | **Kaiser Holdings Unlimited,  Inc.** | ** ** | **Delaware** |
|                        |                             |                                 | IV. | Kaiser Engineers  Eastern Europe, Inc. |   | Delaware |
|                        |                             |                                 |   | V. | Kaiser  Netherlands B.V. (10%) |   | Netherlands |
|                        |                             |                                 | IV. | Kaiser  Netherlands B.V. (90%) |   | Netherlands |
| ** **                  | ** **                       | **III.**                             | **Kaiser Technology  Holdings, Inc.** | ** ** | **Delaware** |
| ** **                  | ** **                       | **III.**                             | **Monument Select Insurance  Company** | ** ** | **Vermont** |
|                        |                             |                                 | IV. | MSIC, Inc. |   | Delaware |
|                        |                             |                                 | IV. | MS Builders Insurance  Company |   | Vermont |
| ** **                  | ** **                       | **III.**                             | **Tudor Engineering Company** | ** ** | **Delaware** |

 

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